Major trade insurer Coface has reported insurance revenues grew by 12.6% for the third quarter of this year compared to the corresponding period in 2009.

Revenue in this year’s third quarter was €316 million ($438 million) which was attributed to the economic recovery and the growth in credit insurance as companies start invoicing again.

Insurance profit for the third quarter was down 3% when compared to the second quarter of this year.

The insurance business reported a €13 million ($18 million) profit compared to €16 million ($22 million) in the second quarter.

Coface CEO Jerome Cazes says the outlook for the last quarter of the year looks positive, with a reduction in claims expenses.

“The setting-up in the first quarter of 2011 of Coface’s new worldwide organisation of consolidated resources in a single team and the simultaneous monitoring of risks and premiums should increase our risk control and gains in productivity,” he said.